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hockey-53

software/broker advise for day trading and scalping

By hockey-53, in Beginners Forum

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hockey-53    0

hockey-53
Posted (edited)

Hey everyone

I have been trading using my commercial bank's investment platform for a few years now.  Using fundamental analysis and traditional buy and hold techniques I have made some profits and want to make trading a full time endeavor.  I am learning how to do higher frequency trading such as day trading and scalping (if any of you have good resources to help learn these trading methods please feel free to post them) and am aware that my banks platform isn't advanced enough to perform this trading style.

I would like some advise about which charting software/broker to use because I don't want to open an account with a broker then have to change the broker I'm using in a short period of time because the fees are to high, the execution time is too slow, the software isn't powerful enough for day trading/scalping etc. I am currently learning how to use interactive brokers trader workstation software and really like it.  From what I've researched IB has low fees/commissions, quick execution times and their TWS software is very advanced and powerful.  With that being said none of the day trading and scalping guides/videos/tutorials I've watched online use the IB TWS software.  Most use a different charting software such as NingaTrader or DAS Trader and either link it to a IB account or a different broker altogether. 

My questions are...

Is TWS a good enough platform to use for day trading/scalping? and does anyone use it regularly? 

Is IB a good broker for day trading/scalping or will I get destroyed by slow execution times and high fees?

Do you any of you have recommendations for cheaper better broker and charting software combos for day trading/scalping then the IB TWS software? 

Thank you 

 

Edited by hockey-53

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Bkn74    0

Bkn74
Posted

I have a Tos account and use them for charting as they're the best I've found for a budget. As for trading I used suretrader when I got started until I blew my account up. After taking a break I went back to the drawing board and re studied everything. I now use Tefs which is alot like Das software. I have a funded account from them where it cost me 350 for a 14k funded account. I get 70% of the commissions and the platform fee is only 15 a month. The commission's are low and trades execute fast. Again I'm still new but happy with the setup I have as a beginner with low starting Capital.

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ethanscott    1

ethanscott
Posted

I would say day trading is the most lucrative investment activity. You have to buy and sell stocks within a day such that your net position at the end of the day is zero. The aim is to leverage market volatility and maximize profits. In intraday trading the key is to follow the market trends and time your trade to perfection. Through intraday trading tips, you can generate a good return on your capital. You can consult a good broker, he/she will provide you a complete guide on day trading. All the Best.

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